The divorce settlement process can be complicated for Washington couples. While there can be an array of practical and emotional consequences to sort out, the financial implications of divorce may be significant for both parties. Divorcing spouses can help to plan for and protect their financial futures by keeping some issues in mind as they go through property division negotiations and move forward following the end of the marriage.
During the property division process, divorce attorneys generally aim to achieve an equitable division of the parties’ marital assets. This is usually based on the divorcing couple’s current financial situation. However, it can be important to plan for the future as well. In some cases, this can include obligations like spousal support as well as long-term financial obligations that involve children. For example, couples may include obligations to provide for their children’s educational costs.
However, people’s lives can change after divorce. They can face disability, unemployment or other major financial changes that can leave them unable to uphold their part of such agreements. In order to avoid unwelcome consequences, planning for the future can be a part of the divorce settlement itself. Assets can be invested in an insurance policy that can cover changed circumstances, or a clause can be included that provides for future alterations.
Of course, exes can face many different types of financial issues after divorce. A family law attorney can work with a divorcing spouse to strongly represent their interests throughout divorce proceedings. This may include securing a fair settlement in the property division process.